Econ Multiple Choice

An opportunity cost is entailed in which of the following situations?

a farmer decides to grow more wheat and less barley

scarcity exists because

humans wants exceed the availability and productivity of resources

a production possibilities curve is bowed up, indicating an increasing opportunity cost because of the

imperfect adaptability of resources to its alternative uses

in terms of production, which of the following best defines opportunity cost

it is the amount of one product that must be given up in order to produce an additional unit of another product

which of the following statements correctly describes the economic concept of scarcity?

scarcity means that society has limited resources, and it exists when a society has to make a decision regarding how to allocate its resources

scarcity requires choice. all choices made result in a "trade-off". All of the following are examples of a trade-off except

spending time in the weight room makes you stronger and better at soccer

The study of economics is primarily concerned with which of the following

the allocation of scarce resources, given unlimited wants